Lorenzo Stroe
Independent Analyst
- Cardano price has a target of $2 on the weekly chart after cracking the inverse head and shoulders pattern.
- The digital asset faces one last resistance level at $0.38 before resuming its uptrend towards that goal.
Cardano price is up by 153% in the past three weeks after a massive breakout from a crucial pattern on the weekly chart. The digital asset has slowed down in the past 48 hours, but the momentum remains bullish.
Cardano price needs to crack $0.38 to continue its run to $2
The In/Out of the Money Around Price (IOMAP) chart shows one crucial resistance area between $0.38 and $0.39. It seems that a breakout above this point can drive Cardano price towards its long-term target of $2 as resistance layers ahead of this level are weak.
ADA IOMAP chart
Cardano broke out of an inverse head and shoulders pattern on December 28, 2020, with a price target of $2 in the long-term. The digital asset saw a lot of bullish continuation after the initial breakout, rising by more than 100% in the next two weeks.
ADA/USD 1-hour chart
However, on the hourly chart, Cardano price got rejected from $0.39 and is approaching a significant support level at the 100-SMA located at $0.374. Losing this level could push ADA towards the 100-SMA at $0.355.
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